Former President Donald Trump appears to have made a stunning comeback. NHK's partner in the US, ABC News, projects he has won the country's presidential election, beating Democrat and current Vice President Kamala Harris.

The Republican won several battleground states, including Wisconsin and Pennsylvania. They helped him pass the threshold of 270 electoral votes needed to take the White House.

Trump announced his win to his supporters before many of the main US news outlets released their projections.

Trump said that it's a political victory that our country has never seen before. Nothing like this. I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president. And every citizen, I will fight for you, for your family and your future. Every single day, I will be fighting for you, and with every breath in my body, I will not rest until we have delivered the strong, safe, and prosperous America that our children deserve and that you deserve. This will truly be the golden age of America. That's what we have to have. This is a magnificent victory for the American people that will allow us to make America great again."

Trump's promises of higher tariffs and tax cuts point to higher inflation, which would mean a stronger dollar.

The currency pair traded around 151 yen to the dollar in the morning before peaking at around the 154-yen mark early afternoon.

That decline encouraged investors to buy export-related shares.